Telus: TSX Approves Normal Course Issuer Bid To Purchase Up To 16 Mln Shares

(RTTNews) - Canadian telecommunications company Telus Corp. (TU, T.TO) announced that the Toronto Stock Exchange or TSX has approved the company's normal course issuer bid or NCIB to purchase and cancel up to 16 million of its outstanding common shares (up to $500 million) in 2014 through the facilities of the TSX, the New York Stock Exchange or NYSE and alternative trading platforms or otherwise as may be permitted by applicable securities laws and regulations from January 2, 2014 to December 31, 2014.

This represents approximately 2.6 per cent of outstanding Telus common shares.

As of December 4, 2013, Telus had 623.42 million common shares issued and outstanding.

The company said it will pay the market price at the time of acquisition for any common shares purchased under the NCIB through the TSX, the NYSE or alternative trading platforms. TELUS may also purchase common shares privately from time to time after obtaining exemption orders from applicable securities regulatory authorities. Any such private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price as provided in the exemption order.

The company noted that it is also planning to enter into an automatic share purchase plan or ASPP with a broker for the purpose of permitting the company to purchase shares under its NCIB during internal blackout periods when the company would not be permitted to trade in its shares, including regularly scheduled quarterly blackout periods.

The ASPP has been approved by the TSX and may be implemented as early as January 2, 2014, and from time to time thereafter.

The company noted that it currently has in place a NCIB program which ends on December 31, 2013. On September 24, 2013, TELUS had reached the maximum amount under the 2013 NCIB, having purchased 31.18 million common shares for a weighted average price of $32.07 per share.

The company believes that such purchases are in the best interest of the company and that such purchases constitute an attractive investment opportunity and desirable use of the company's funds that should enhance the value of the remaining shares. Purchases of common shares pursuant to the NCIB may commence on January 2, 2014, and will end on or before December 31, 2014.